Rupee closes at record low of 84.0725 against US dollar on outflows, strong dollar index
Indian rupee closed at a record low of 84.0725 against the US dollar on Monday, pressured by outflows from local equities and debt and a stronger dollar index. However, likely RBI intervention in the form of dollar sales reigned in losses for the rupee, traders said.
Outflows caused by Hyundai routing back funds to its parent company in South Korea after its latest IPO also put pressure on the rupee
The rupee closed at 84.0725 against the U.S. dollar, about one paisa lower than its previous close at 84.0650 in the previous session, LSEG data showed.
On Monday, foreign investors sold Rs. 2,261.8 crores, BSE data showed, on a monthly basis in October so far, FIIs have sold almost $10 billion, depository data showed, surpassing the previous peak outflow of $8.35 billion in March 2020.
“Outflows have slowed a bit, but yes they are still there. Outflows from Hyundai could also cause some fall in the rupee. However, dollar supply was continuously there in the market today by banks, likely on behalf of the RBI”, said Dilip Parmar, currency research analyst at HDFC Securities.
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